SmarTrend Watching for Potential Rebound in Shares of Oncomed Pharmace After 2.93% Loss

Written on Fri, 12/07/2018 - 12:49pm

By David Diaz

Oncomed Pharmace (NASDAQ:OMED) traded in a range yesterday that spanned from a low of $0.87 to a high of $1.03. Yesterday, the shares fell 2.9%, which took the trading range below the 3-day low of $1.00 on volume of 1.0 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

Over the past year, Oncomed Pharmacehas traded in a range of $0.87 to $5.19 and are now at $0.99. In the last five trading sessions, the 50-day moving average (MA) has fallen 3.8% while the 200-day MA has slid 0.7%.

SmarTrend recommended that its subscribers protect gains by selling shares of Oncomed Pharmace on October 25th, 2018 by issuing a Downtrend alert when the shares were trading at $1.89. Since that call, shares of Oncomed Pharmace have fallen 45.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.